The Intuit QuickBooks small Business Success Month Survey, a comprehensive study, reveals that small businesses are the driving force behind innovation and growth in today’s dynamic economic landscape. It underscores the pivotal role of accountants in shaping the success trajectory of entrepreneurs. The survey’s key findings shed light on how small businesses define success and the significant impact of collaborating with accountants.
According to the survey, over half of small business owners (51%) have enlisted the expertise of accountants to manage their finances. The decision to invest in accounting services stems from a desire for peace of mind regarding financial matters, assistance in accurate tax preparation and filing, and guidance in making informed financial decisions. These benefits underscore the indispensable role accountants play in fostering financial stability and strategic growth for small businesses.
Interestingly, the data reveals a correlation between leveraging accounting services and experiencing higher growth. A significant proportion (27%) of small business owners who utilize accountants report experiencing high growth in their ventures. In contrast, among those who do not engage accountants, only 1 in 10 cite high growth. This underscores the value accountants bring not just in managing finances but also in catalyzing business expansion and scalability.
Moreover, the survey highlights generational trends in accounting utilization. Gen Z entrepreneurs emerge as frontrunners in embracing accounting support, with 53% of Gen Z small business owners tapping into accountant services compared to 47% of Gen X counterparts. This trend underscores the evolving landscape of small business management, where younger entrepreneurs prioritize financial expertise to navigate complexities and drive sustainable growth.
Beyond unveiling insights into small business accounting practices, the Intuit QuickBooks Small Business Success Month marks a significant initiative to celebrate and support entrepreneurial endeavors. Partnering with Mailchimp, the month-long event features a range of activities aimed at empowering small businesses and recognizing their contributions to communities. Notable initiatives include Small Business Advocacy in Washington, D.C., aimed at engaging policymakers, and the Small Business Hero Day, where three heroic small businesses across different cities will receive substantial grants to fuel their growth ambitions.
Additionally, the Intuit QuickBooks Grant Program stands out as a beacon of support, offering financial assistance and mentorship to 20 deserving small business owners. Furthermore, through partnerships like Prompt Pay for Small Businesses with the U.S. Chamber of Commerce, Intuit strives to equip entrepreneurs with resources to streamline operations and foster financial resilience.
By amplifying stories of small business success and facilitating meaningful conversations, Intuit endeavors to catalyze the thriving small business ecosystem. As Small Business Success Month unfolds, entrepreneurs are encouraged to leverage the array of resources and initiatives to propel their ventures to new heights. For more information on Intuit’s Small Business Success Month, see the press release here.